The fund exceeded its $1 billion target in five months of fundraising despite the lack of in-person meetings, and attracted 55% of the commitments from new investors.
Alex Sanchez acknowledges that the U.S. has a lot of banks and many failed in the crisis, but he says a healthy economy needs a fresh supply of community lenders to nurture entrepreneurs.
The company’s stock plunges after Sarah Friar’s departure announced; the bank said it unintentionally withheld mortgage discounts from minority borrowers.
Financial institutions are beginning to get on board with the global fight against climate change, but they are still trailing pension funds and insurance companies in putting these concerns into action.